Buying flat with no EWS1

MarmotV

A shared ownership flat in a block of 30 flats, less than 18m.

No EWS1 - not required, but the fire risk assessment of the internal building (fire alarm, fire exits etc) was fine. FRA does not mention external walls, however.

Housing association said the building will have its external wall system investigated as part of an inspection programme sometime in the next few years. I've asked them whether they have any reason to be concerned based on the info they have now. They repeat that the FRA is sufficient, but generally ignore me. The FRA specifically excludes external walls from its investigation and is over three years old. My surveyor says I should get some reassurance about the external wall. HA will not say anything about it though.

I'm hoping the draft Building Safety Bill will cap the costs at £10k for leaseholders, but don't trust govt not to create loopholes. I'd be willing to proceed if the costs were no more than £10-15k.

What would you do?

propertyhunter

I would not find myself in this situation having sold a flat vowing never to return to leasehold because of the fire safety scandal.
If you love this property, I would recommend making sure you have done as many checks as possible to make an informed decision, which it sounds like you have done. I assume you have received a mortgage offer and the lender is happy? Have flats sold in the block you are looking at since 2020? That's usually a sign that lenders are fine with it. 

Not sure whether it is worth doing any research on the developer and their approach to handling the scandal. There are some examples of developers doing the right thing and remediating blocks. 

user1977

You say "external wall system" which suggests something not entirely conventional - what has your surveyor said it's made from?

MarmotV

user1977 said:

You say "external wall system" which suggests something not entirely conventional - what has your surveyor said it's made from?

My surveyor didn’t really investigate the material used for the external wall. Superficially it looks like a typical bricks and concrete wall but no one is confirming. 

MarmotV

Once I become a 100% owner, could I convert it to a buy to let mortgages if there is a problem? That way I could live with family and use my salary and the rent to pay as much of the fire safety costs as possible and then move back in once it becomes affordable again. 

propertyhunter

You could rent it out if there is a problem after you staircase. Basically, you are trying to cover the worst possible eventuality - but remember some leaseholders have been left with bills for hundreds of thousands of pounds. Gove has gone quiet on it while he is tasked with fixing another one of the government's failures (Ukrainian refugees). He is the fixer though, and if anyone is going to do anything in the Tories it's him (that's not saying much though).  

Your block sounds like my old one - under 18m and with no obvious cladding. People have been buying flats in my old block no problem, so if your lender is happy to lend, that's a big hurdle to have overcome, so you should feel reassured. But the rules do change. Do you have stacked balconies made with flammable balustrades? If not, you're looking good. I had two surveyors come on behalf of my buyer's lender to check it was all good.